FLYEXCLUSIVE INC. (FLYX): debt financing — EG Acquisition Corp. obtains $400K in sponsor loans to extend business combination deadline to June 28

FLYEXCLUSIVE INC.

Sponsor deposited $160,000 to extend deadline from May 28, 2023 to June 28, 2023 (one month).
Company issued a non-interest-bearing $160,000 promissory note to sponsor for the extension.
Company issued a separate non-interest-bearing $240,000 working capital note to sponsor, due Sep 28 or closing.
Sponsor committed to fund up to $1 million in combined extension and working capital loans before Sep 28, 2023.
Company is pursuing a business combination with flyExclusive; a preliminary proxy was filed May 5, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FLYEXCLUSIVE INC. incurred loan of $160,000 with EG Sponsor, LLC at no interest maturing the date on which the Company consummates an initial business combination.

Instrument: loan
Principal: $160,000
Counterparty: EG Sponsor, LLC
Rate: no interest
Maturity: the date on which the Company consummates an initial business combination
Event: incurrence

Exact text from the filing

On June 2, 2023, the Company deposited $160,000 into the trust account of the Company (the “Extension Fee”) for the extension to complete a business combination through June 28, 2023 (the “Extension”). Such deposit of the Extension Fee is evidenced by an unsecured promissory note (the “Extension Promissory Note”), dated as of June 1, 2023, in the principal amount of $160,000 to the Sponsor.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FLYEXCLUSIVE INC. incurred loan of $240,000 with EG Sponsor, LLC at no interest maturing the earlier of: (i) September 28, 2023 or (ii) the date on which the Company consummates an initial business combination.

Instrument: loan
Principal: $240,000
Counterparty: EG Sponsor, LLC
Rate: no interest
Maturity: the earlier of: (i) September 28, 2023 or (ii) the date on which the Company consummates an initial business combination
Event: incurrence

Exact text from the filing

The Company also issued an unsecured promissory note (the “Working Capital Note”), dated June 1, 2023, in the principal amount of $240,000 to the Sponsor for general corporate purposes.

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10 debt financings filed in the last 30 days. Browse all debt financings →

FLYEXCLUSIVE INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-161682

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